Braemar Hotels Resorts Inc. (BHR) 10-Q Quarterly Report August 2019



Contact:	Deric Eubanks	Jordan Jennings	Joseph Calabrese
	Chief Financial Officer	Investor Relations	Financial Relations Board
	(972) 490-9600	(972) 778-9487	(212) 827-3772

BRAEMAR HOTELS & RESORTS REPORTS

SECOND QUARTER 2019 RESULTS

$6.6 Million in Business Interruption Income Booked in the 2^nd Quarter

New Autograph Collection Property ‘The Notary Hotel’ Opened in Philadelphia

Announced Planned Opening of ‘The Clancy Hotel’ in San Francisco in January 2020

DALLAS - July 31, 2019 - Braemar Hotels & Resorts Inc. (NYSE: BHR) (“Braemar” or the “Company”) today reported the following results and performance measures for the second quarter ended June 30, 2019. The comparable performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel EBITDA assume each of the hotel properties in the Company’s hotel portfolio as of June 30, 2019 were owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the second quarter ended June 30, 2019, with the second quarter ended June 30, 2018 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

STRATEGIC OVERVIEW


•	Focused strategy of investing in luxury hotels and resorts


•	Targets conservative leverage levels of 45% Net Debt to Gross Assets


•	Highly-aligned management team and advisory structure


•	Dividend yield of approximately 6.9%

FINANCIAL AND OPERATING HIGHLIGHTS


•	Net loss attributable to common stockholders for the quarter was $7.0 million or $0.22 per diluted share.


•	Comparable RevPAR for all hotels decreased 2.3% to $232.94 during the quarter.


•	Comparable RevPAR for all hotels not under renovation decreased 1.9% to $252.39 during the quarter.


•	Comparable RevPAR for all hotels excluding Marriott Seattle Waterfront and The Notary Hotel increased 0.8% to $245.53 during the quarter.


•	Adjusted funds from operations (AFFO) was $0.42 per diluted share for the quarter.


•	Adjusted EBITDAre was $32.8 million for the quarter.


•	Subsequent to quarter end, the Company announced the planned opening of The Clancy Hotel, an Autograph Collection property, in downtown San Francisco. The re-branded property, a conversion of the Courtyard San Francisco Downtown, is expected to officially open in January 2020.


•	Subsequent to quarter end, the Company announced the opening of The Notary Hotel, an Autograph Collection property, in downtown Philadelphia. The re-branded property is a conversion of the

The following information was filed by Braemar Hotels Resorts Inc. (BHR) on Wednesday, July 31, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Braemar Hotels Resorts Inc.'s 10-Q Quarterly Report:

Financial - Dividend Highlight
Our calculation of Adjusted FFO excludes dividends on convertible preferred stock, transaction and management conversion costs, write-off of loan costs and exit fees, amortization of loan costs, legal, advisory and settlement costs, advisory services incentive fee, uninsured hurricane and wildfire related costs, other income/expense and non-cash items such as unrealized gain/loss on investments, interest expense accretion on refundable membership club deposits, unrealized gain/loss on derivatives, stock/unit-based compensation and the Company's portion of adjustments to FFO of OpenKey.

Other - Other Highlight
EBITDA, EBITDAre and Adjusted EBITDAre as calculated by us may not be comparable to EBITDA, EBITDAre and Adjusted EBITDAre reported by other companies that do not define EBITDA, EBITDAre and Adjusted EBITDAre exactly as we define the terms.
Financial - Cash Flow Highlight
We anticipate that our principal sources of funds to meet our cash requirements will include cash on hand, positive cash flow from operations and capital market activities.
Other - Other Highlight
The following non-GAAP presentations of EBITDA, EBITDAre, Adjusted EBITDAre, Funds From Operations ("FFO") and Adjusted FFO are presented to help our investors evaluate our operating performance.
Financial - Shares Highlight
We expect to meet our long-term liquidity requirements through various sources of capital, including our secured revolving credit facility and future equity and preferred equity issuances, existing working capital, net cash provided by operations, proceeds from insurance claims, hotel mortgage indebtedness and other secured and unsecured borrowings.
M & A - Other
Each funding will equal 10%...Read more
Financial - Expense
Our short-term liquidity requirements consist...Read more
Financial - Earnings
The following table reconciles net...Read more
Financial - Expense
We then further adjust EBITDAre...Read more
M & A - Other
On December 5, 2017, our...Read more
Other - Other
FFO and Adjusted FFO are...Read more
Financial - Income
We may not be able...Read more
Other - Other
Risk Factors" in Part I...Read more
Financial - Expense
For example, an increase in...Read more
Financial - Shares
Series B Convertible Preferred Stock,...Read more
Financial - Earnings
FFO is calculated on the...Read more
Financial - Income
EBITDA, EBITDAre and Adjusted EBITDAre...Read more
Financial - Earnings
FFO and Adjusted FFO do...Read more
Legal - Other
"Our TRSs" refers to our...Read more
Other - Other
consolidated fixed charge coverage ratio...Read more
Other - Other
The hotel properties in our...Read more
Financial - Debt
We present EBITDA, EBITDAre and...Read more
Revenue - Product
These key indicators include: RevPAR...Read more
Revenue - Product
We invest primarily in high...Read more
Other - Other
Forward-looking statements are generally identifiable...Read more
Other - Other
This could affect our liquidity...Read more
Financial - Earnings
Changes in ADR typically have...Read more
Financial - Earnings
The following table reconciles net...Read more
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consolidated tangible net worth not...Read more
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Financial - Debt
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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Braemar Hotels Resorts Inc. provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: BHR
CIK: 1574085
Form Type: 10-Q Quarterly Report
Accession Number: 0001574085-19-000048
Submitted to the SEC: Tue Aug 06 2019 11:00:12 AM EST
Accepted by the SEC: Tue Aug 06 2019
Period: Sunday, June 30, 2019
Industry: Real Estate Investment Trusts

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